Topic: Environmental economics literature review


Read the article on externalities by Baumol and OatesLinks to an external site.

Write a 3 to 5 page summary (single spaced). Be sure to address each of the 10 sections in the article. In particular, carefully explain the graph (Figure 3.1) on page 27. Also what is the significance of technological versus pecuniary externalities. Paper should be: 12 point font Single spaced

Adam Smith and Free markets

Why does Adam Smith argue against regulations in commerce ?

Adam Smith's Beliefs

How could one write a cartoon or comic to explain Adam Smith’s beliefs?

Adam Smith Vs Karl Marx

Adam Smith argued that self-interest is a critical element in a society’s economic development. Karl Marx, by contrast, argued that society functions better when each of us is more community oriented.Pretend you are either Adam Smith or Karl Marx, and explain economic recession from these perspectives. Discuss when greed and selfishness in businesses go too far and become a hazard to society.

Adam Smith

What factor of production (land, capital, labor, or entrepreneurs) would Adam Smith be most likely to identify as the source of a nation’s wealth?

Keynesian Economics

What are the most effective development-oriented instruments of socio-economic policy conducted according to the concept of Keynesian economics?

Adam Smith

Why is Adam Smith referred to as the Father of Capitalism?

Adam Smith

According to Adam Smith, what are the benefits of division of labour and Specialization?

Economics of Less Developed Countries

Explain how low levels of living can turn into a vicious cycle in developing countries.


You are required to pick a product or service you use in your everyday life and describe the market for this product. Please make sure to address the following questions:

1. What factors influence the demand for this product? What factors influence the supply of this product?

2.How have these changes in supply and demand affected the equilibrium price of this product?

3.Do you anticipate any changes to the demand and/or supply of this product in the near future? If so, what is driving these changes?